A proposed wealth tax aimed at billionaires hasn’t yet qualified for California’s ballot, but it’s already sparked intense pushback from tech founders in the state.
It started when the New York Times reported that venture capitalist Peter Thiel and Google cofounder Larry Page were looking into leaving California in case the tax becomes law.
Democratic Rep. Ro Khanna, who represents part of Silicon Valley, flagged the story on X and echoed President Franklin Roosevelt by adding “I will miss them very much.”
The proposal calls for California residents worth more than $1 billion to pay a one-time tax equivalent to 5% of their assets that can be paid over five years.
The wealth tax’s backers, who want to use the revenue to help offset federal funding cuts for healthcare, must still gather enough signatures before it can get on the ballot in November 2026.
